Rural investor PrimeAg Australia has reached a $2.2 million insurance settlement relating to losses it incurred during the 2011 Queensland floods.

The company incurred $2.5 million worth of damage from the floods that occurred two years ago, particularly in Emerald in central Queensland and Condamine and the Darling Downs in the state's south.

PrimeAg said on Monday it had reached a settlement with insurer Pacific Underwriting for a $2.2 million payment.

The payment will be recorded across PrimeAg's 2011, 2012 and 2013 financial accounts.